Despite starting the month on a high, June couldn’t keep up the pace, finishing the month down. July might not be too different with a very similar problem once agin impacting volume. …read more
From:: Real Estate Wire
Ginnie MBS Issuance Hits 11-Month High
Securitizations completed on behalf of the Government National Mortgage Association were the highest they’ve been in almost one year.
Including residential and commercial real estate activity, issuance of Ginnie Mae mortgage-backed securities totaled $45.185 billion during June.
The findings were based on a Mortgage Daily analysis of monthly operational data released Tuesday by the government-owned organization.
…read more
From:: Financing
Theresa May leads after 1st round of U.K. Conservative leadership vote
British Home Secretary Theresa May led rivals in the race to succeed David Cameron as leader of the U.K. Conservative Party–and prime minister–after the first round of voting by Conservative lawmakers on Tuesday, news reports said. May, who had supported the “remain” camp in the late-June referendum that saw U.K. citizens vote to leave the European Union, won the support of 165 colleagues in the first ballot, easily outdistancing her closest rival, Andrea Leadsom, who received 66 votes. Justice Minister Michael Gove received 48 votes, while Stephen Crabb won 34 and Liam Fox garnered 16. Fox dropped out of the running, Sky News reported. The candidates have until Wednesday to decide whether to participate in a second ballot on Thursday, followed by a final round of voting next week. The British pound continued to trade near a 31-year low, changing hands at $1.3049 in recent action.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Silver and gold both mark highest levels since 2014
Silver and gold futures rallied Tuesday as a sharp decline in global stock markets drew investors to the safe-haven appeal of the precious metals. Sept. silver rose 31.9 cents, or 1.6%, to settle at $19.907 an ounce. That was the highest settlement for a most-active contract since August 2014, according to FactSet. Gold for August delivery rose $19.70, or 1.5%, to end at $1,358.70 an ounce, with futures prices at their highest since March 2014.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Avoid these 5 major mistakes most people make when buying homes
Mortgages aren’t like they used to be, for example, in today’s market there is no one-size-fits-all loan product. To help educate new borrowers, Fifth Third Mortgage executive David Gunn shared five of the biggest mistakes most people make when buying homes. …read more
From:: Real Estate Wire
[Video] Here are 3 areas impacting the summer housing market
UWM president and CEO explains three things that are influencing the housing market. Among those is the U.K.’s decision to leave the European Union, and how that will affect the U.S. housing market in the months to come. …read more
From:: Real Estate Wire
U.S. stocks pare losses after FBI recommends no charges against Clinton
U.S. stocks briefly trimmed their losses after FBI Director James Comey said his agency recommended to the Department of Justice that no charges should be brought against presumptive Democratic nominee Hillary Clinton related to inclusion of classified information in emails stored on a private server. Though the FBI’s investigation did find evidence classified information had been mishandled by Clinton when it was discussed in emails stored on personal servers, Comey said the agency believes “no reasonable prosecutor” would bring charges against Clinton. The Dow Jones Industrial Average trimmed its loss by more than 40 points after Comey’s statement, rising to 17,853 in recent trade, compared with a session low of 17,815 reached shortly beforehand. The S&P 500 pared its drop by 7 points to 2,088 in recent trade, compared with a session low of 2,083. The Nasdaq Composite trimmed its drop to 4,817 after the announcement, up from a session low of 4,806 reached shortly beforehand.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
M&G becomes 3rd U.K. firm to freeze property fund
M&G Investments on Tuesday afternoon became the third U.K. investment manager to freeze a property fund following the British vote to leave the European Union. The company said it is temporarily suspending trading in the shares of its M&G Property Portfolio and its feeder fund. “Investor redemptions in the fund have risen markedly because of the high levels of uncertainty in the UK commercial property market since the outcome of the European Union referendum,” the company said in a statement. “Redemptions have now reached a point where M&G believes it can best protect the interests of the funds’ shareholders by seeking a temporary suspension in trading,” it added. The decision comes after Aviva Investors earlier on Tuesday froze it’s U.K.-focused property fund, while Standard Life Investments late Monday did the same.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
NeighborWorks America names new board chair
NeighborWorks America named Gardineer as its new board chairman. The company president and CEO explains the role Gardineer will play in the company’s future. …read more
From:: Real Estate Wire
Balloon Defaults Drive Up CMBS Delinquency
Late payments on securitized commercial real estate loans were significantly higher last month, and balloon-payment defaults were behind the deterioration.
The 30-day delinquency rate on loans that are included in commercial mortgage-backed securities worked out to 4.60 percent during the month of June.
Delinquency deteriorated from a month earlier, when the rate was 4.35 percent. The rate has risen each month since February, when it was 4.15 percent.
…read more
From:: Financing